Understand the psychological foundation that all traders require to be successful.
Take your mental resolve to the next level and improve your results.
Trading Psychology
Monitor Your Thoughts
Did you know that the average human being has 60,000 thoughts a day?
Within the trading industry, our thoughts can predominantly be negative ones that don’t serve us. The things that happen around us are a product of our thoughts.
So imagine having just a tenth of your thoughts about the Forex Markets, and now imagine those thoughts not being positive ones.
How To Look At Missed Trading Opportunities
In the Forex market or when trading any market, there is a general feeling from traders (mostly new swing traders) that they have to be involved in every single opportunity and every trade that comes across their desk! In reality, you probably won’t catch every single move because life happens.
3 Expectations When You Become A Profitable Trader
I think it’s about time we talk about something other than the struggle of learning how to trade right? Let’s talk about what to expect when you finally become profitable because that is the goal you are working towards.
Is Forex Trading For You?
This question can be very uncomfortable for a lot of people. When anyone enters the Forex market and has the goal to make money, it’s only natural to think they will be an exception to the infamous statistic of 70-90% of people that fail as traders.
First, I think we need to debunk and remove the negative connotation of this statistic.
Should You Trade Every Currency Pair?
Early on in my Forex journey, I would look for setups on every single pair, from the most common to the most exotic. The pairs very few traders even knew existed or cared to look at. This, of course, has a few benefits such as:
– Always finding a setup.
– Trading frequently.
– You feel more productive.
Trading Is A Percentage Game
Risk Management. The forsaken element of trading any market, particularly the Forex market, especially when greed takes over and you expect to make it in the industry within your first few months.
Remember when you started your Forex trading journey, and you thought it would be a walk in the park?
Transitioning To A Full-Time Trader
For years, I have struggled with the concept of full-time trading. Back in university I was keen on the idea, and I still am, the only thing is what that transition looks like.
Usually, people begin by trading part time i.e. when they can during their day or week. This means they don’t learn everything required as quickly as others who trade full-time.
Let The Trade Come To You
Today we talk about a topic that traders are divided on. So before I even start, I want to point out that if something is working for you, STICK WITH IT! You shouldn’t fix something that isn’t broken. But if it is broken, you can possibly try another way? Just saying.
Focus On The TRADES Not The Money!
To ask this of any trader, who’s main goal is to MAKE MONEY, could be considered unfair or unrealistic because to make the priority anything other than the goal seems a bit counterintuitive unless… the priority inevitably ensures the goal is achieved.
10 Tips To Stay Patient As A Forex Trader
“Patience is a virtue.”
This quote applies to life in general as well as the financial markets. Humans find it very easy to give in to instant gratification, but as Forex traders this can leave our accounts bleeding to the death.